Supplementary Information(1)Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)(in thousands, except per share data) (unaudited) The following tables detail the impact that certain unusual or special items had on the Company's net earnings per common Class A and Class B basic and diluted shares ("EPS") and the line items in which these items were included on the consolidated statements of operations. Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $23,785 $5,463 $17,874 $1.36 $1.43 $20,352 $4,478 $15,874 $1.19 $1.26 Restructuring charges (2,933) (371) (2,562) (0.20) (0.21) 65 - 65 - - Redemption value adjustment on redeemable NCI - - (390) (0.03) (0.03) - - - - - Amortization of inventory step-up 958 220 738 0.06 0.06 - - - - - Stock-based compensation 1,179 243 936 0.07 0.08 804 166 638 0.05 0.05 Amortization of intangibles 3,686 648 3,038 0.23 0.24 1,394 264 1,130 0.09 0.09 Unrealized foreign currency exchange (gains) losses (3,663) (868) (2,795) (0.21) (0.22) (899) 207 (692) (0.05) (0.05)Non-GAAP measures $23,012 $5,335 $16,839 $1.28 $1.35 $21,716 $5,115 $17,015 $1.27 $1.35 (1) The supplementary information included in this press release for 2025 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA.
Supplementary Information(1)Reconciliation of GAAP Measures to Non-GAAP Measures(2)(4)(in thousands, except per share data) (unaudited) Three Months Ended June 30, 2024 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $22,883 $4,077 $18,806 $1.43 $1.50 Restructuring charges 638 153 485 0.04 0.04 Stock-based compensation 972 200 772 0.06 0.06 Amortization of intangibles 1,148 239 909 0.07 0.07 Unrealized foreign currency exchange (gains) losses 370 80 290 0.02 0.02 Non-GAAP measures $26,011 $4,749 $21,262 $1.61 $1.70 Three Months Ended September 30, 2024 Reconciling Items Earnings before taxes Provision for income taxes Net Earnings Attributable to Bel Fuse Shareholders Class A EPS(3) Class B EPS(3) GAAP measures $11,188 $3,108 $8,080 $0.61 $0.65 Restructuring charges 1,087 154 933 0.07 0.07 Acquisition related costs 4,292 987 3,305 0.25 0.27 Stock-based compensation 1,007 208 799 0.06 0.06 Amortization of intangibles 1,152 239 913 0.07 0.07 Unrealized foreign currency exchange (gains) losses 1,075 266 809 0.06 0.06 Non-GAAP measures $19,801 $4,962 $14,839 $1.13 $1.19 (1) The supplementary information included in this press release for 2024 is preliminary and subject to change prior to the filing of our upcoming Quarterly Report on Form 10-Q with the Securities and Exchange Commission.(2) In this press release and supplemental information, we have included Non-GAAP financial measures, including Non-GAAP net earnings attributable to Bel shareholders, Non-GAAP EPS, Non-GAAP Operating Income and Adjusted EBITDA.
Bel’s actual results could differ materially from those stated or implied in our forward-looking statements (including without limitation any of Bel’s projections) due to a number of factors, including but not limited to, difficulties associated with integrating previously acquired companies, including any unanticipated difficulties, or unexpected or higher than anticipated expenditures, relating to Bel's November 2024 acquisition of Enercon, and including, without limitation, the risk that Bel is unable to integrate the Enercon business successfully or difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); the possibility that the Bel’s intended acquisition of the remaining 20% stake in Enercon is not completed in accordance with the shareholders agreement as contemplated for any reason, and any resulting disruptions to Bel’s business and its currently 80% owned Enercon subsidiary as a result thereof; trends in demand which can affect Bel's products and results, including that demand in Enercon’s end markets can be cyclical, impacting the demand for Enercon’s products, which could be materially adversely affected by reductions in defense spending; the market concerns facing Bel's customers, and risks for the Company’s business in the event of the loss of certain substantial customers; the continuing viability of sectors that rely on Bel's products; the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or Bel's industry in particular; the effects of rising input costs, and cost changes generally, including the potential impact of inflationary pressures; capacity and supply constraints or difficulties, including supply chain constraints or other challenges; the impact of public health crises; difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages; risks associated with Bel's international operations, including Bel's substantial manufacturing operations in China, and following Bel’s November 2024 acquisition of Enercon , risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region; risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings; product development, commercialization or technological difficulties; the regulatory and trade environment including the potential effects of the imposition of new or increased tariffs and trade restrictions that may impact Bel, its customers and/or its suppliers, and risks associated with the evolving trade environment, the ongoing implementation and modification of tariffs, trade restrictions, and changes in trade agreements, and general uncertainty about future changes in trade and tariff policy; risks associated with fluctuations in foreign currency exchange rates and interest rates; uncertainties associated with legal proceedings; the market's acceptance of the Company's new products and competitive responses to those new products; the impact of changes to U.S.and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies, such as any new or increase in tariffs imposed either by the U.S.government on foreign imports or by a foreign government on U.S.exports related to the countries in which Bel transacts business; and the risks detailed in Bel’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in subsequent reports filed by Bel with the Securities and Exchange Commission, as well as other documents that may be filed by Bel from time to time with the Securities and Exchange Commission.
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